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Own more than 1 property all of which are in my name (no mortgages) and another which was sold but I am providing owner financing with the buyer having signed a long term mortgage note. I also have various reward checking accounts at different banks in different states all earning interest. Want to know how I can legally protect them from judgments or collections that may arise from creditors such as Medical Providers, Doctor's, Hospitals, etc. Due to not having a regular income I don't have any health insurance and should I need to visit a hospital I assume they would send a balance bill and when their collection department finds out I own property try to place a lien on the property. Any advice on how to negate and reduce this exposure short of purchasing an expensive Obamacare Health Insurance Policy which wouldn't provide much in terms of coverage anyway?

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You guys got trolled on this one.

parmenides (Sep. 15, 2016 @ 7:52a) |

I really hope so.

zapjb (Sep. 15, 2016 @ 11:39a) |

This has to be a troll.

Otherwise, seconding the healthcare ministry. Should be sub-$100/mo and enables you to avoid the... (more)

christoj879 (Sep. 15, 2016 @ 2:58p) |

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So basically you want us to help you hide assets so you can fraud our Medicare system?

Should I moved everything into an IRA so that I can get this protection?? Is it really that simple?

Supreme Court Rules That Creditors May Not Seize IRA Assets

Supreme Court Rules That Creditors May Not Seize IRA Assets in Bankruptcy Proceedings In a huge victory for managed and self-directed IRA owners everywhere, the U.S. Supreme Court ruled last week that IRAs receive Federal Creditor Protection. This means that creditors cannot seize assets in an Individual Retirement Account. The Supreme Court ruled unanimously that IRAs should join pensions, 401(k)s, Social Security and other benefits tied to age, illness or disability, that are afforded protection under federal bankruptcy law and thus shielded from creditors in bankruptcy proceedings. Until recently, IRA protection was covered by state laws, which varied to a great extent on coverage provided. This ambiguity led to a great deal of confusion and uncertainty for IRA owners wondering how their assets were protected from creditors. The case before the Supreme Court was heard because of a lower court ruling against IRA protection based on the faulty notion that since investors can make IRA withdrawals at any time, IRAs are similar to savings accounts, which are unprotected from creditors under bankruptcy law. Justice Clarence Thomas, writing for the Court, said a bankrupt Arkansas couple was entitled to keep more than $55,000 in retirement savings from creditors. He reasoned that IRAs are benefits tied to a person's age under the federal statute because a tax penalty is imposed if a person makes withdrawals before age 60. Interestingly enough, the court did not choose to address the topic of whether very large IRA accounts would be protected under the federal bankruptcy code. The code has a provision stating that certain assets (such as retirement plans) that are deemed to be "reasonably necessary" to support a debtor and his/her family are protected from creditors. The uncertainty of what is "reasonably necessary" means some assets in extremely large IRAs might not be protected. Having said that, this issue will surely be brought to the court's attention in the future. However, for the time being, the vast majority of Americans will not have to worry about creditor attachment of their IRAs. The ruling comes at a time when IRA assets are set to reach the $3 TRILLION mark and, for many Americans, the IRA has become their most significant retirement asset. Having the same protection in bankruptcy that workers receive for their 401(k) plans and company pensions shields a nest egg relied upon by millions of Americans and provides another layer of financial protection. View a copy of the Supreme Court ruling.

If you make enough money/have enough assets its worth worrying about hiding them, then you have enough to get decent health insurance, or to put away enough money to pay your bills out of pocket.

It is alot of money to me. Took 25 years to save it. It may not seem like alot to many on this board...

Get medical and umbrella insurance.

/thread

Buy health insurance. Its financially reckless not to.

Still doesn't explain why you don't have health care. Did you not have to pay a penalty for not having health care?

Paying out of pocket is the risk you run for not paying for it monthly.

Can't afford the premiums on the medical insurance. Not to mention they wouldn't kick in until the deductible was met. Seems like the best thing is to go to paying for everything with cash...

bobbosaurus said:   Should I moved everything into an IRA so that I can get this protection?? Is it really that simple?

..

  
No you can't just move all your assets into an IRA.

You can put $5500 / 6500 into an IRA per year max.  
You cant just move a property into an IRA.
 

You cant just move a property into an IRA

How would I move a property into a class where it couldn't be attached somehow to a judgment or collection?

bobbosaurus said:   Can't afford the premiums on the medical insurance. Not to mention they wouldn't kick in until the deductible was met. Seems like the best thing is to go to paying for everything with cash...
  

How much are the premiums and why can't you afford it?  

If you don't make much you can qualify for tax credits or even Medicaid.   

 

why can't you afford it?

House rich, monthly income poor. Basically living off of savings and the small monthly interest payments.

 You are asking "how do I become a deadbeat so that I can avoid my bills and still party with the money that I have saved"?

bobbosaurus said:   why can't you afford it?

House rich, monthly income poor. Basically living off of savings and the small monthly interest payments.

  
Whats your income level?

What state?

Have you actually looked at insurance prices?  How much is it?

 

Whats your income level? What state?

Less than $20k a year Florida

If your income is low, you are going to qualify for bunch of ACA assistance. So are you paying the ACA penalty right now?

bobbosaurus said:   why can't you afford it?

House rich, monthly income poor. Basically living off of savings and the small monthly interest payments.

  take a mortgage, sell the houses

bobbosaurus said:   You cant just move a property into an IRA

How would I move a property into a class where it couldn't be attached somehow to a judgment or collection?

  by spending more money on lawyers and accountants to hide everything using loopholes than it would cost to have health insurance for 15 years.

So just get insurance.
 

take a mortgage, sell the houses

don't qualify for mortage, income is too low and too young to take a reverse mortgage.

Pay fro help to set up LLC properly, then sell asset to LLC

If your income is low, you are going to qualify for bunch of ACA assistance. So are you paying the ACA penalty right now?
 

Did not file taxes yet, so I did not pay a penalty.

bobbosaurus said:   take a mortgage, sell the houses

don't qualify for mortage, income is too low and too young to take a reverse mortgage.

sell them

yeah, you are leaving a bunch out and trying to sound smarter, and more organized than you are. W/ that level of income, you'll pay very little for insurance including the credit you get because of your income.

On top of that, anything you can do to protect yourself -- can also be un-done by foolish actions. Don't underestimate your ability to do stupid things that take away the protections you put in place on your assets. (i.e. piercing the corporate veil)

Move to Canada.

How about getting a job? Maybe you could find one that offers health insurance.

bobbosaurus said:   Whats your income level? What state?

Less than $20k a year Florida

  
How much is the income exactly?    
You might qualify for a hefty subsidy or might be out of luck entirely in FL due to lack of medicaid expansion.


How old are you?   

How about getting a job? Maybe you could find one that offers health insurance.

Girlfriend offered to get married so that I can get insurance but she has alot of unsecured debt and student loans, etc. and I am not sure if the collection agencies would than try and come after me??

Have a job but $10 to $12 an hour doesn't go far even in Florida... Can't work full time right now.

How much is the income exactly? You might qualify for a hefty subsidy or might be out of luck entirely in FL due to lack of medicaid expansion. How old are you?

Last year didn't file taxes yet because income was under $5000 mostly interest income of less than $1000

in my 40's

Move to Canada.

Thought about the possibility of moving but there isn't a place I could think of that I would want to move to. Why is it that we as a country can provide free stuff to illegals in this country all the while making it impossible for US Citizens to live without taking undue risks?

Don't underestimate your ability to do stupid things that take away the protections you put in place on your assets

Don't claim to be smart, just trying to not run out of funds and be homeless when I am older. That's all.

bobbosaurus said:   How about getting a job? Maybe you could find one that offers health insurance.

Girlfriend offered to get married so that I can get insurance but she has alot of unsecured debt and student loans, etc. and I am not sure if the collection agencies would than try and come after me??

  Dont know FL law and your specific GF's employer. But some provide coverage to "domestic partner". IOW, you dont have to be married to get coverage through GF. Of course check with her employer to see what their benefits policy is.

OK at your very low income level you'll qualify for diddly squat in Florida because they didn't expand medicaid.

You could move to Kentucky and get free insurance. Or any other state with medicaid expansion.

But on the good news side, I don't think you'll get hit with the penalty since your income is too low.

Alternatives are short term insurance with high deductible or a health care sharing ministry. You might get those for $100-200 / month range.
Or you can just roll the dice and hope you never get sick or injured. But as you age the chances of a 5 or 6 figure medical bill wont' be trivial.

Alternatives are short term insurance with high deductible or a health care sharing ministry.

Any way to screen these mutual insurance companies for a lack of a better description to see what the cost and what are the benefits of belonging? Anybody belong to one that would allow someone in Florida to join?

you're in luck. in Florida your house is protected from creditors. just ask oj.

rufflesinc said:   you're in luck. in Florida your house is protected from creditors. just ask oj.
  OJ's house is owned by Robert Shapiro.

rufflesinc said:   you're in luck. in Florida your house is protected from creditors. just ask oj.
He even get free room and board at the big house.

bobbosaurus said:   Any advice on how to negate and reduce this exposure short of purchasing an expensive Obamacare Health Insurance Policy which wouldn't provide much in terms of coverage anyway?MedicAID expansion

Skipping 22 Messages...
This has to be a troll.

Otherwise, seconding the healthcare ministry. Should be sub-$100/mo and enables you to avoid the shared responsibility payment. There are only like 4 of them in operation, and I know at least one was involved in major fraud about 10 years ago, but still, just like regular health insurance, you pays your money and you takes your chances.



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